Bank Negara Adds 14 Firms to Alert List

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Malaysia’s central bank red-flags 14 companies over investment schemes.

Bank Negara updated its financial consumer alert list yesterday afternoon, adding 14 companies that are allegedly operating money games and pyramid schemes.

The new additions are:

  • Ahmad Zulkhairi Associates PLT
  • Ethtrade Limited
  • Ethtrade Malaysia
  • Kilauan Padu Services Sdn Bhd
  • O2 Only One
  • OG1 Asean
  • Only One International Sdn Bhd
  • Proficiency Management and Services
  • Smart Trade Entrepreneur
  • Smart Trade Resources Sdn Bhd
  • TF International Group
  • TF International Group (MY)
  • TF International W1212 KL Team
  • ZEMC Sdn Bhd

Click here for the complete list, which comprises 316 companies that are neither authorised nor approved under the relevant laws and regulations.

Under the Financial Services Act, individuals or businesses involved in illegal financial activities can be fined up to RM50m and jailed 10 years.

In view of the many dubious investment schemes available, the authorities have advised the public to carry out due diligence on investment schemes promoted to them – a must on those that offer anything from 10% monthly returns. You can check on their company websites and social media pages.

Ahmad Zulkhairi Associates PLT is said to be offering advisory and financial management services dealing in foreign exchange with a monthly gain of 15%-22%.

Ethtrade, believed to be based in Hong Kong, offers up to 30% monthly return for investments from US$10 (RM43) to US$100,000 (RM430,000) as well as bonus on down-lines.

O2 Only One, which is operated by Only One International Sdn Bhd, offers a 13% monthly profit and 3%-5% commission for investments by down-lines. This scheme is believed to be operating from Sungai Petani, Kedah.

OG1 Asean is a mobile phone application developed by Kilauan Padu Services that apparently allows users to save up to 61% on mobile prepaid reloads and household bill payments while offering 100%-130% gain on investments from RM500 to RM20,000.

TF International, which operates from Bukit Mertajam, promises a 24% return. It claims on its website that it has online gambling platforms and casinos in Macau and Cambodia.